UPC North Africa Renewables announced today that the 120 MW Khalladi wind energy project in Northern Morocco had achieved financing. BMCE and EBRD will be providing a finance package of approximately Euro 126 million to finance the construction and installation of forty Vestas V90-3 MW wind turbines and associated infrastructure 30 kilometers east of Tangiers.
Developed by UPC Renewables S.A. (UPC), the wind farm will be built near the Mediterranean coast, 15 kilometers east of Tangiers. UPC has signed three power contracts with industrial off-takers pursuant to an independent power producer regime administered by the Moroccan Ministry of Energy, Mines, Water and Environment. The project includes the construction a new substation and a 23-km transmission line to evacuate electricity generated by the wind farm. The project was previously certified by UPC Renewables under the expired Kyoto Protocol and is expected to avoid the emission of approximately 175,000 tons of CO2 equivalent per year.
Peter A. Gish, Managing Director of UPC North Africa Renewables, the developer of the project, said: “We are delighted that the Khalladi project has finally achieved financing and the start of construction. We have been developing this and other wind projects in Morocco since 2008 and view this as a landmark to our commitment to the Moroccan energy market. EBRD’s and BMCE’s strategic roles in the financing are a testament to the remarkable support the Khalladi wind project has received at the local, regional and national levels in Morocco.”
More information on UPC can be found at upcrenewables.com.